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Correlation of gold and euro

Correlation of gold and euro | 28 August 2019

28 August 2019, EUR/USD

Correlation of gold and euro

EURUSD trading plan:

The bearish trend in the gold market has a negative impact on the value of the euro, as both assets have a strong correlation. Gold prices were down after the U.S. Treasury yield curve inverted again and sparked worries about a recession. The yield on the benchmark 2-Year Treasury note fell to 1.526% - this figure is 4 basis points higher than the yield of 10-Year bonds. The phenomenon raised concerns of a potential recession. The last time the long-term yield fell below a short-term yield was in February 2006, two years before the recession.

Trading recommendation: Sell 1.1100 and take profit 1.1070.

David Johnson
Analyst of «FreshForex» company
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